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Case Study

By Ilana Volkov and Felice Yudkin

On Jan. 12, 2009, 800 Madison Street Urban Renewal, LLC (800 Madison), along with several other affiliates of Tarragon Corporation (the Debtors), filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. As of the commencement of the bankruptcy cases, Tarragon Corporation was a prominent real estate developer, owner and manager with consolidated assets and liabilities of approximately $840 million and $1 billion, respectively. Tarragon Corporation's common stock was publicly traded on the NASDAQ Global Select Market,

Like many other large real estate developers in the United States, the Debtors' operations, financial condition and liquidity were adversely affected by the financial crisis of 2007 and its aftermath. The Debtors resorted to Chapter 11 to implement a restructuring of their balance sheet.

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